To Market your property and get it rented quickly.
Most self-managed property owners do not rent their property at market rent. Some overcharge and unfortunately lose money because the home stays vacant until they get the person willing to pay more. Most undercharge on rent because they are scared the property will not rent right away.
Run Credit, Criminal, Eviction and Employment History
Most self-managed property owners do not perform enough due diligence on their prospective residents, especially new landlords. Most residents have been leasing their whole life and they know what to say to have a landlord approve them without running their full report or getting all of the documentation needed.
WHAT WILL MY PROPERTY RENT FOR?
Keep Up With all the Paperwork – Leases, Addendum’s, HOA Notices, Etc.
Most self-managed owners do not have a copy of the lease, let alone the rental application and all correspondence between them and the tenant. A professional management company will keep all of these documents in their computer system for the owner to access at any time.
For the Book Keeping
Why pay a book keeper when you can hire a management company for about the same price and perform all other aspects along with the book keeping. Clean book keeping is imperative for your year-end taxes.
Keep Up on the Latest Local, State and Federal Laws
Most self-managed landlords do not know the Texas Property Code, the Eviction Laws or Fair Housing Laws.
Have someone else take those late night phone calls or the phone call on Thanksgiving.
Do you really want to take late night phone calls from residents regarding anything that is serious to the mundane? A professional management company will have a 24/7 system to handle such calls.
Have Someone Who Knows How to Handle Almost Any Situation
A professional property manager has seen a lot more in their experience than you have as a property owner, plus they have the resources and the knowledge to handle almost any situation.
Have Maintenance Go to Your Property in the Middle of the Night to Take Care of that AC Issue
A professional management company will have maintenance partners that will go the extra mile for them because they give them continual business. Most landlords do not have relationships that will go in the middle of the night and not charge an extra fee.
Have Maintenance Completed Quickly by a Licensed and Insured Company
One of the biggest issues for the landlord is to get a maintenance person to the property for small issues like installing blinds, fixing a hole in the wall, or installing weather stripping. Our vendors routinely schedule work orders the next business day. Our vendors are licensed, if required, and all of them have the required insurance needed.
Save Time and Money on Your Make Readies
One of the biggest complaints from landlords is how long it takes to coordinate a make ready and how expensive they are. Professional management companies have relationships with companies that perform all aspects of a make ready. Not just painting but cleaning, carpet shampoo, AC and plumbing, etc.
To Have Your Property Inspected
This is extremely important for those out-of-town owners. It is surprising how many local owners never go inside their property to inspect it. A property needs to be inspected to make sure it isn’t a “grow house” or breeding dogs. We all know those are extreme cases, but you would be surprised how many unauthorized pets, people or lease infractions are saved by performing periodic inspections.
To Have Someone Go to Your Property Instead of You
Your time is money. Why go to your property to inspect or to meet the maintenance person? Spend your time with family or finding new investments.
The Management Company is Not Friends with Your Tenants Nor Are They Related to Them
It is frightening how many landlords are friends with their residents on facebook or worse, allow their residents to be late on rent because they have been told some sob story.
To Save Money on Volume-Based Discounts on Maintenance
On average a professional property management company will save a landlord about 40% on maintenance and make ready costs.
Discounts on Insurance
Did you know some insurance companies give a discount if the property is managed by a professional management company? Another discount offered is if the company has a Certified Property Manager on staff.
Keep You From Getting Sued
Most landlords make emotional decisions when the resident is not responding the way they should. A lot of times this gets the landlord into a lawsuit. A management company has processes and procedures that are followed. Decisions are not based on emotion.
To Run Your Property Like a Business
Whether you own one home or twenty you own a business. You must treat your property like a business. Most landlords treat their property like a hobby, they want to learn leasing, management, maintenance, etc. instead of learning to be an investor and business owner.
The biggest investment most people make is purchasing a rental home.
They hire a professional agent to find the property, they hire a professional banker to obtain financing, they hire a professional insurance agent to provide insurance, but when it comes to managing the asset, they feel they can do it themselves, even though they have never owned a property. They do this to save a few bucks, when in actuality it will cost them thousands of dollars. Not to mention the amount of time it takes to learn all the aspects of how to successfully manage a property.